Initial Observations On Senate Banking Passing Clarity Act By 15 to 9 Margin

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Initial Observations On Senate Banking Passing Clarity Act By 15 to 9 Margin

TD Securities (USA) LLC POLICY NOTE

May 14, 2026

■WRG Crypto Currency Initial Observations On Senate Banking

■WRG Financial Services

Passing Clarity Act By 15 to 9 Margin

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

Senate Banking today approved the Clarity Act on crypto market structure. This is a positive

jaret.seiberg@tdsecurities.com

though fights were punted to the full Senate rather than resolved in committee. This includes

if the President and his family should be subject to conflict of interest standards. We are

slightly more optimistic for the bill given comments from Democrats though we still see a 60%

probability that it stalls.

What Is Happening

Senate Banking today approved the Clarity Act on crypto market structure.

■The vote was 15 to 9.

■Every Republican senator backed the bill.

■Two Democrats -- Sens. Angela Alsobrooks and Ruben Gallego -- supported the bill.

■The process took about two hours and the vast majority of amendments did not get a vote.

■The primary changes were technical or negotiated in advance. Those technical changes

secured bipartisan support.

Our View

■We are slightly more optimistic that this package could become law after the markup as it

is clear there are Democrats who are looking for a way to back the bill. It is why we slightly

raise the probability the bill passes to 40% from one-in-three. We still see substantive

hurdles, but the hearing showed an interest in trying to surmount them.

■This process played out pretty much as expected with tough votes put off until the bill

goes to the floor. That includes votes on conflict of interest provisions that would require

government officials such as President Trump and his family to disentangle from their